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MOD Resources' A$3.1M rights closes 39% oversubscribed

MOD ResourcesLtd.'s nonrenounceable entitlement offer closed heavilyoversubscribed at A$4.3 million, representing an oversubscription of about 39%above target of A$3.1 million.

The company said July 18 that a scale-back of the top upapplications has been necessary on a pro-rata basis. The company will refundabout A$1.2 million to shareholders.

Chairman Mark Clements said, "The funds raised by theentitlement and top up offers will allow us to commit to further drilling andearly development studies of priority targets on the MOD and joint venture licensesand on the company's 80%- and 100%-owned licenses."

The additional funds will used to explore several othercopper surface anomalies identified in Botswana, pay down a portion of debt andfor working capital purposes.